Tax Me More Please

At some point, the people will revolt...

I repeat that this is EXACTLY what I thought would happen... Now I am certain... These guys have no clue that this type of tax increase will paralyze the economy...

From ABC's Sr. WH Correspondent Jake Tapper...

President Obama's budget proposes $989 billion in new taxes over the course
of the next 10 years, starting fiscal year 2011, most of which are tax increases
on individuals.
1) On people making more than $250,000.
$338 billion - Bush tax cuts expire
$179 billion - eliminate itemized deduction
$118 billion - capital gains tax hike

Total: $636 billion/10 years

2) Businesses:
$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax
reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers
$882 million - eliminate advanced earned income tax credit

Total: $353 billion/10 years

Congress Loading Up the Pork Again?

Today's New York Post details some of the more outrageous pork included in the Omnibus Spending Bill (which is meant to help us get through FY 2009)... President Obama contends that there are no earmarks in it.

Oh really? What about these? Complete idiocy...

Polynesian Voyaging Society of Honolulu, which got a $238,000 "earmark" in the bill. The group organizes sea voyages in ancient-style sailing canoes like the ones that first brought settlers to Hawaii.

New York got its share of earmarks, among them $475,000 to "improve and expand" the Italian American Museum in Little Italy. $4.5 million for new park development in Manhattan. $950,000 to convert a railroad bridge over the Hudson River into a walkway in Poughkeepsie.

The bill, which critics slammed as larded with pork, has big bucks to combat putrid stenches in the heartland, with $1.7 million for "Swine Odor and Manure Management Research."

Another earmark, by Rep. Howard Berman (D-Calif.) provides $200,000 for a
"tattoo-removal violence-outreach program" in Los Angeles.

Obama's Non-State of the Union Address

Last night, in a Joint Sessions of Congress, President Obama gave a non State of the Union Address.

Of course, he did his usual, talking down the economy, saying the things that might be popular, like Wall Street CEO's are greedy fat cats, etc... But all in all, his style over substance continues...

However, of the substantial items he discussed, some are highly controversial:

He called for a “market-based” cap on carbon emissions, which he said would lower U.S. production of greenhouse gases. He pledged to spend $15 billion a year to develop wind and solar power, biofuels, clean coal technology, and research into fuel-efficient vehicles.

This 'cap' is dangerous as it would essentially paralyze business and production in this country. It's a tax... It will reduce our industrial output and be very, very bad.

We do need to look into alternative fuels but we also need to look at Domestic oil and gas production as well as Nuclear Power. If nuke power is good enough for Europe, why isn't it good enough for us.


The President discussed the importance of passing Universal Socialized Healthcare.

We have, for all its flaws, the greatest healthcare system in the World. There is no need to move toward a Canadian-UK-Swedish model, where the most fragile in society are considered liabilities to treatment.


Overall, the President's plans once again come back to the following:

We need to spend our way out of the economic crisis... We will get some money to do it by taxing the 'rich' as printing more money.

Dangerous, dangerous stuff...

Socialism sucks.

Fat Tuesday

Mardi Gras wraps up tonight... It's Fat Tuesday...